# Demographics → log(REER) — Income & Currency Subsamples

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| C1: low-income | log_reer_combined | 605 | 23 | 0.133 |
| C2: mid-income | log_reer_combined | 948 | 45 | 0.111 |
| C3: high-income | log_reer_combined | 1,464 | 54 | -0.005 |
| C4: Eurozone | log_reer_combined | 369 | 18 | -6.190 |
| C5: Non-eurozone | log_reer_combined | 2,648 | 99 | 0.015 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| C1: low-income | Z_1 | -2.7909 | 0.9890 | 0.0049 | *** |
| C1: low-income | Z_2 | 0.3980 | 0.1554 | 0.0107 | ** |
| C1: low-income | Z_3 | -0.0153 | 0.0066 | 0.0201 | ** |
| C1: low-income | log_gdp_pc | -0.0709 | 0.0369 | 0.0551 | * |
| C2: mid-income | Z_1 | -0.2494 | 0.7481 | 0.7389 |  |
| C2: mid-income | Z_2 | 0.0211 | 0.1091 | 0.8469 |  |
| C2: mid-income | Z_3 | -0.0006 | 0.0044 | 0.8857 |  |
| C2: mid-income | log_gdp_pc | 0.1668 | 0.0426 | 0.0001 | *** |
| C3: high-income | Z_1 | -0.9769 | 0.4036 | 0.0156 | ** |
| C3: high-income | Z_2 | 0.1252 | 0.0569 | 0.0278 | ** |
| C3: high-income | Z_3 | -0.0046 | 0.0022 | 0.0369 | ** |
| C3: high-income | log_gdp_pc | 0.0784 | 0.0224 | 0.0005 | *** |
| C4: Eurozone | Z_1 | -2.0040 | 0.6343 | 0.0017 | *** |
| C4: Eurozone | Z_2 | 0.1969 | 0.0824 | 0.0174 | ** |
| C4: Eurozone | Z_3 | -0.0067 | 0.0031 | 0.0329 | ** |
| C4: Eurozone | log_gdp_pc | 0.0461 | 0.0391 | 0.2398 |  |
| C5: Non-eurozone | Z_1 | -1.2834 | 0.4099 | 0.0018 | *** |
| C5: Non-eurozone | Z_2 | 0.1663 | 0.0595 | 0.0053 | *** |
| C5: Non-eurozone | Z_3 | -0.0061 | 0.0024 | 0.0103 | ** |
| C5: Non-eurozone | log_gdp_pc | 0.0469 | 0.0163 | 0.0040 | *** |

*Controls: rgdp_growth, fiscal_bal_gdp, kaopen, nfa_gdp_lag, log_gdp_pc*